Final answer:
The Fortune 500 list features powerful companies like Walmart, and is a selection of 500 large U.S. firms representing the economy. Another index includes about 7,000 U.S. companies with stock ownership.
Step-by-step explanation:
Some of the most powerful companies on the prestigious Fortune 500 list of the largest U.S. firms include well-known names such as Walmart, which topped the 2020 Fortune Global 500. The Fortune 500 is based on 500 large U.S. firms chosen by analysts at Standard & Poor's to represent the economy as a whole. However, there exists another index, often confused with the Fortune 500, that includes essentially all U.S. companies with stock ownership. Despite its name, this extensive index incorporates about 7,000 firms. In contrast, the Global 500 looks at a broader landscape, featuring transnational corporations and representing that a relatively small number of corporations—technically around 50,000 globally—are as significant as states in the world economy.